Browse content similar to 16/06/2017. Check below for episodes and series from the same categories and more!
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of Northern Ireland at Downing Street, to try to reassure | :00:00. | :00:00. | |
them that a proposed deal between the Conservatives | :00:00. | :00:00. | |
and the Democratic Unionists, wouldn't affect the prospects | :00:00. | :00:00. | |
of restoring power-sharing at Stormont. | :00:07. | :00:14. | |
US authorities seize assets worth over half $1 billion in a money | :00:15. | :00:23. | |
laundering scandal surrounding Malaysia's sovereign wealth fund. | :00:24. | :00:34. | |
And wind, solar, or hydro. A look at Kazakhstan and their plans for | :00:35. | :00:38. | |
renewable energy. Good morning, Asia. Hello, world. Welcome to | :00:39. | :00:41. | |
today's edition of Asia Business Report. I'm Sharanjit Leyl. It's a | :00:42. | :00:44. | |
Friday. From a Picasso painting to a Jim Carrey movie. US authorities are | :00:45. | :00:51. | |
seizing assets worth half $1 billion as part of a global money-laundering | :00:52. | :00:57. | |
case. The items were allegedly purchased using money diverted from | :00:58. | :01:04. | |
Malaysia's sovereign wealth fund 1MDB. We have all details. US | :01:05. | :01:09. | |
authorities are moving in on a number of items. They include a | :01:10. | :01:16. | |
Picasso building and an apartment in Manhattan. Also the rights to | :01:17. | :01:26. | |
several Hollywood films, like Jim Carrey's Dumb and Dumber Two movie | :01:27. | :01:29. | |
and another starring Will Ferrell. This is part of a global | :01:30. | :01:33. | |
money-laundering case which has spread from Malaysia to hear in the, | :01:34. | :01:43. | |
the US. They stole more than half $1 billion from the sovereign wealth | :01:44. | :01:50. | |
fund of Malaysia us. They say funds were diverted and passed through the | :01:51. | :01:55. | |
United States. That is where they come in the picture. An acting US | :01:56. | :02:00. | |
attorney in California says these cases used billions of dollars that | :02:01. | :02:06. | |
should have helped people in Malaysia but fuelled astonishing | :02:07. | :02:10. | |
greed for a small number of people instead to bite we have just heard | :02:11. | :02:15. | |
the Malaysian authorities respond to this case in the US. How far has the | :02:16. | :02:20. | |
Department of Justice gotten in this case so far? This is not the first | :02:21. | :02:24. | |
time they have tried to seize assets. There was an early attempt a | :02:25. | :02:29. | |
few days ago. Before that, you have to go back a year. This involves | :02:30. | :02:36. | |
seizing other assets. Leonardo DiCaprio, who apparently was | :02:37. | :02:39. | |
involved tangentially, receiving gifts from someone connected to | :02:40. | :02:45. | |
this, apparently has said he is co-operating. The Department of | :02:46. | :02:49. | |
Justice, as I said, got involved in part because the US filed complaints | :02:50. | :02:56. | |
to recover more than $1.7 billion. There are also investigation is not | :02:57. | :03:00. | |
just in the US but Singapore and Switzerland. Like I said, this is a | :03:01. | :03:06. | |
wide and vast sprawling investigation involving money that | :03:07. | :03:10. | |
apparently was taken from between 2009 and 2015. And we have also | :03:11. | :03:16. | |
heard from the Press Secretary of the Prime Minister in Malaysia, the | :03:17. | :03:21. | |
country where this sovereign wealth fund is from, basically saying this | :03:22. | :03:26. | |
is politically motivated, saying the motivation goes beyond the objective | :03:27. | :03:32. | |
of seizing assets. Michelle Fleury speaking to me earlier from New | :03:33. | :03:36. | |
York. Other business news. After years of discussion, global market | :03:37. | :03:43. | |
index provider, MSCI, will announce whether they will include Chinese A | :03:44. | :03:50. | |
shares in its indexes. Last year it surprised the market by not | :03:51. | :03:55. | |
including them. Trading in shares of Japanese aid bag maker, Takata, have | :03:56. | :04:00. | |
been suspended after reports the company is preparing to file for | :04:01. | :04:06. | |
bankruptcy. -- airbag. They face billions of dollars in liabilities | :04:07. | :04:12. | |
from defective airbag inflators. Finances from euro countries have | :04:13. | :04:15. | |
agreed to delay payment of 8.5 billion euros to Greece. Under the | :04:16. | :04:21. | |
bailout programme, they have repayments on loans due next month | :04:22. | :04:24. | |
which it could not otherwise have made. Fatah, isolated by Gulf | :04:25. | :04:40. | |
neighbours, have agreed to buy $12 billion of F15 fighter jets. -- | :04:41. | :04:46. | |
Qatar. Kazakhstan, central Asia's largest economy. It is hosting a | :04:47. | :04:54. | |
three-month expo to outline its economy plan. Traditionally driven | :04:55. | :04:59. | |
by oil and gas, there economy slumped when oil prices fell. It | :05:00. | :05:12. | |
wants to meet those needs with wind, solar, hydro, or nuclear by 2050. | :05:13. | :05:17. | |
How realistic is that? This is what Kazakhstan says it wants power | :05:18. | :05:22. | |
generation to look like. Massive wind turbines rotating above the | :05:23. | :05:27. | |
central Asian steppes, powering homes, offices, and schools. Listen | :05:28. | :05:35. | |
to this. That is the sound of wind going at 60 kilometres per hour. And | :05:36. | :05:39. | |
that is not even at full speed. To be honest, I don't know if I can | :05:40. | :05:43. | |
keep standing. I am honestly worried of being blown away. This is one of | :05:44. | :05:50. | |
the key reasons why Kazakhstan is so well-suited for renewable energy. | :05:51. | :05:54. | |
That is why Kazakhstan is putting on this grand show. The expo designed | :05:55. | :06:00. | |
to attract foreign investors to the renewables market of the country. | :06:01. | :06:07. | |
They are finding it challenging with energy storage solutions. The local | :06:08. | :06:15. | |
currency fell 55% in 2015. That gives a negative effect on special | :06:16. | :06:24. | |
renewable projects. All of the equipment, even small bolts, are | :06:25. | :06:27. | |
imported. When the investors come, there is too much uncertainty. The | :06:28. | :06:32. | |
government did not set a proper rules stop white but the government | :06:33. | :06:36. | |
says it is trying to help investors. TRANSLATION: We understand foreign | :06:37. | :06:40. | |
companies face certain risks because they will earn profits in local | :06:41. | :06:46. | |
currency, which has been volatile. We are trying to take the risks away | :06:47. | :06:53. | |
from them by tying tariffs to the currency. So, if the local currency | :06:54. | :06:57. | |
drops, then tariffs will rise. This is where you live? Thank you. It is | :06:58. | :07:06. | |
not just investors. Many Kazakhs also feel the government strategy is | :07:07. | :07:10. | |
not well thought out. But very few dare to speak out. This is when they | :07:11. | :07:15. | |
sentence due to three years of no public speaking, no organised | :07:16. | :07:21. | |
protesting? This lawyer and activist tells me it is all for show. | :07:22. | :07:26. | |
TRANSLATION: They just built a few wind power plants around the area. | :07:27. | :07:32. | |
Why not everywhere, why not cheaper, so people can actually use it? None | :07:33. | :07:37. | |
of this is changing every day like. 80% of Kazakhstan still uses call | :07:38. | :07:45. | |
because it is cheap. -- coal. Until there is a clear roadmap, the lofty | :07:46. | :07:49. | |
vision of Kazakhstan may remain out of reach. And we will have a special | :07:50. | :07:57. | |
edition of Talking Business this weekend from the expo in the area. | :07:58. | :08:04. | |
The largest hotel chain with 6000 Robert Hughes and 13 brands globally | :08:05. | :08:13. | |
is becoming famous wildlife -- properties. It is our fastest | :08:14. | :08:21. | |
growing region in the world. In Asia-Pacific, in more than half of | :08:22. | :08:27. | |
the pipeline, it is in Asia-Pacific. This is a luxury part of the world. | :08:28. | :08:36. | |
Who do you target? Every segment. We have 20 brands in the Asia-Pacific. | :08:37. | :08:45. | |
It goes all the way down to more economic travellers who decide to | :08:46. | :08:48. | |
stay in more economic brands. Chinese travellers are strategically | :08:49. | :08:53. | |
twofold. Chinese travellers inside of China growing at a very fast | :08:54. | :08:57. | |
rate, double digits. Outbound travel, it is huge. We would never | :08:58. | :09:03. | |
have seen that in many resort destinations. Today, the number one | :09:04. | :09:09. | |
source market is China. What other markets are you looking at in Asia? | :09:10. | :09:13. | |
There is a slowdown in the North American market where you still have | :09:14. | :09:17. | |
the biggest presence. Donald Trump cannot have helped and his policies. | :09:18. | :09:22. | |
It made us worried, but we had a great start to the year. The good | :09:23. | :09:27. | |
news is we are naturally hedged. In the Asia-Pacific, the largest source | :09:28. | :09:36. | |
markets for us were intra-Asia travellers. They are the number one | :09:37. | :09:41. | |
market for everything Asia-Pacific. The Indians are growing at a great | :09:42. | :09:53. | |
rate, outbound Indian travellers. UK Labour rally travel anywhere and | :09:54. | :09:58. | |
find hotels. -- you can literally. If you wanted to go to the Maldives | :09:59. | :10:04. | |
before, we did not have a single hotel. Now we have three. It gives | :10:05. | :10:09. | |
our loyal customers, and also customers who want to learn about | :10:10. | :10:13. | |
us, more opportunity to stay with us anywhere at any time in any brand. | :10:14. | :10:22. | |
Up and down the scale of luxury. A quick look at the markets. The | :10:23. | :10:31. | |
Nikkei is up. The weaker yen propelling exporters. Australian | :10:32. | :10:38. | |
markets are lower, as you can see. I am Sharanjit Leyl. Thank you for | :10:39. | :10:45. | |
watching. This is BBC News. We will bring you up-to-date with the | :10:46. | :10:48. | |
stories this hour. | :10:49. | :10:50. |